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Comprehensive Income (Tables) | 9 Months Ended
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Sep. 30, 2024
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] |
Schedule of Components of Comprehensive Income | The differences between Net income and Comprehensive income for the three and nine months ended September 30, 2024 and 2023 were as follows:
| Three months ended September 30,
(in millions) | 2024 |  | 2023
NET INCOME | $ | 67 |  |  | $ | 193 |
Unrealized gain (loss) on fuel derivative instruments, net of deferred taxes of ($14) and $41 | (50) |  |  | 135 |
Other, net of deferred taxes of $— and $2 | 2 |  |  | 8 |
Total other comprehensive income (loss) | $ | (48) |  |  | $ | 143 |
COMPREHENSIVE INCOME | $ | 19 |  |  | $ | 336 |
| Nine months ended September 30,
(in millions) | 2024 |  | 2023
NET INCOME | $ | 204 |  |  | $ | 717 |
Unrealized loss on fuel derivative instruments, net of deferred taxes of ($12) and ($45) | (42) |  |  | (150) |
Other, net of deferred taxes of $1 and $6 | 5 |  |  | 7 |
Total other comprehensive loss | $ | (37) |  |  | $ | (143) |
COMPREHENSIVE INCOME | $ | 167 |  |  | $ | 574 |
Schedule of Rollforward of the Amounts Included in AOCI, Net of Taxes | A rollforward of the amounts included in AOCI, net of taxes, is shown below for the three and nine months ended September 30, 2024:
(in millions) | Fuel derivatives |  |  |  | Defined benefit plan items |  | Other |  | Deferred tax impact |  | Accumulated other comprehensive income (loss)
Balance at June 30, 2024 | $ | (125) |  |  |  |  | $ | 149 |  |  | $ | (11) |  |  | $ | (2) |  |  | $ | 11 |
Changes in fair value | (79) |  |  |  |  | — |  |  | — |  |  | 18 |  |  | (61) |
Reclassification to earnings | 15 |  |  |  |  | — |  |  | 2 |  |  | (4) |  |  | 13 |
Balance at September 30, 2024 | $ | (189) |  |  |  |  | $ | 149 |  |  | $ | (9) |  |  | $ | 12 |  |  | $ | (37) |
(in millions) | Fuel derivatives |  |  |  | Defined benefit plan items |  | Other |  | Deferred tax impact |  | Accumulated other comprehensive income (loss)
Balance at December 31, 2023 | $ | (135) |  |  |  |  | $ | 149 |  |  | $ | (15) |  |  | $ | 1 |  |  | $ | — |
Changes in fair value | (108) |  |  |  |  | — |  |  | — |  |  | 25 |  |  | (83) |
Reclassification to earnings | 54 |  |  |  |  | — |  |  | 6 |  |  | (14) |  |  | 46 |
Balance at September 30, 2024 | $ | (189) |  |  |  |  | $ | 149 |  |  | $ | (9) |  |  | $ | 12 |  |  | $ | (37) |
Schedule of Reclassification out of Accumulated Other Comprehensive Income | The following tables illustrate the significant amounts reclassified out of each component of AOCI for the three and nine months ended September 30, 2024:
Three months ended September 30, 2024
(in millions) |  | Amounts reclassified from AOCI |  | Affected line item in the unaudited Condensed Consolidated Statement of Comprehensive Income
AOCI components |  |
Unrealized loss on fuel derivative instruments |  | $ | 15 |  |  | Fuel and oil expense
|  | 4 |  |  | Less: Tax expense
|  | $ | 11 |  |  | Net of tax
Other |  | $ | 2 |  |  | Other operating expenses
|  | — |  |  | Less: Tax expense
|  | $ | 2 |  |  | Net of tax
Total reclassifications for the period |  | $ | 13 |  |  | Net of tax
Nine months ended September 30, 2024
(in millions) |  | Amounts reclassified from AOCI |  | Affected line item in the unaudited Condensed Consolidated Statement of Comprehensive Income
AOCI components |  |
Unrealized loss on fuel derivative instruments |  | $ | 54 |  |  | Fuel and oil expense
|  | 13 |  |  | Less: Tax expense
|  | $ | 41 |  |  | Net of tax
Other |  | $ | 6 |  |  | Other operating expenses
|  | 1 |  |  | Less: Tax expense
|  | $ | 5 |  |  | Net of tax
Total reclassifications for the period |  | $ | 46 |  |  | Net of tax

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